Nasdaq up 5-Straight Sessions

U.S. markets showed continued momentum on Wednesday on news that a U.S./ China trade deal is on the verge of being completed. Negotiations between U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steve Mnuchin and Chinese Vice Premier Liu He resumed in Washington with reports saying a trade deal is 90% done, with the last 10% being where all the sticking points lay.

The Nasdaq advanced 0.6% following the intraday push to 7,938. Lower resistance from mid-September 2018 at 7,900-7,950 was challenged but held with a close above 8,000 getting 8,100-8,150 and fresh all-time highs in play.

The Russell 2000 rose 0.4% after testing a first half high of 1,568. Major resistance at 1,575 and the 200-day moving average held with a close above this level leading to additional strength towards 1,590-1,605.

The S&P 500 climbed 0.2% following midday run to 2,885. Fresh and lower resistance at 2,875-2,900 held with upside potential towards 2,925-2,950 and all-time highs on a close above the latter.

The Dow also added 0.2% after trading to an intraday peak of 26,282. Fresh and lower resistance at 26,250-26,500 was breached but held with a move above the latter getting 26,750-27,000 and all-time highs in focus.

Materials paced sector leaders after rallying 1.3% while Consumer Discretionary and Technology rose 0.8%.

Energy led sector laggards after falling 1% while Consumer Staples dipped 0.5%.
Consumer Staples and Energy led sector weakness with declines of 0.8% and 0.7%.

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ANALYST UPGRADES/DOWNGRADES

​CommScope (COMM) upgraded to Strong Buy from Outperform at Raymond James
Enterprise Products (EPD) upgraded to Buy from Neutral at Goldman Sachs
Urban Outfitters (URBN) upgraded to Buy from Neutral at DA Davidson

Caterpillar (CAT) downgraded to Hold from Buy at Deutsche Bank
Dunkin' Brands (DNKN) downgraded to Market Perform from Outperform at BMO Capital
Walgreens Boots Alliance (WBA) downgraded to Hold from Buy at Loop Capital

EARNINGS 
Before the open (EST):
​​Constellation Brands (STZ), International Speedway (ISCA), PAVmed (PAVM), RPM International (RPM), Schnitzer Steel (SCHN), Simple Good Foods (SMPL)


After the close(EST):
​Aehr Test Systems (AEHR), Duluth Holdings (DLTH), Franklin Covey (FC)

UPCOMING ECONOMIC NEWS
Thursday’s economic reports (EST): 
Challenger Job-Cut Report - 7:30am
Jobless Claims - 8:30am

METALS / OIL
Gold closed at $1,295.30 an ounce, down $0.10
Silver settled at $15.10 an ounce, down $0.04
Copper finished at $2.90 a pound, unchanged
Crude Oil was at $62.49 a barrel, down $0.10
Bitcoin Investment Trust (GBTC) ended at $6.19 up $0.45



  I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell


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